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Billionaire George Soros to hand over control of business to 37-year-old son
Billionaire George Soros will hand over control of his $25 billion worth of assets to his 37-year-old son Alexander Soros, The Wall Street Journal reported.
In December 2022, the board of directors of the Open Society Foundations which supports programs in the field of education, culture, arts and health, chose Alexander Soros as its chairman instead of George Soros. Alexander Soros also joined the investment committee that controls the Soros Fund Management fund founded by his father, which manages the fortune of the Soros family. A spokesman for Soros told the publication that most of the $25 billion the foundation manages will go to the Open Society Foundations in the coming years.
The WSJ recalls that in the past, Soros did not want to hand over the management of the fund to any of his children on the principle that it should be run by the one who is best suited for this. Then for many years another son was considered his successor – 52-year-old Jonathan Soros (Alexander’s half-brother), who often played tennis with his father, worked in a hedge fund and gained authority among colleagues. But quarrels and disagreements began to arise between the son and father, in particular, on the issues of hiring senior employees in the fund, the newspaper writes. Due to such discrepancies, the plan was changed, and Alexander became the successor.
“He deserved it,” the 92-year-old financier, who is estimated by Forbes in real time at $6.7 billion, said of the new appointments of Alexander Soros. “We think the same way,” he explained.
Alexander Soros told the WSJ that his views are the same as those of his father, but he plans to be more active in supporting voting rights and the right to abortion. He acknowledged that he would have to invest in politics in order to prevent the return of Donald Trump to power in the United States. “As much as I would like to take money out of politics, while the other side is doing it, we will have to do it too,” he said.